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Pension lump sum and tax credits
robin61
Posts: 677 Forumite
I would be grateful if someone could answer this question.
My wife has a small annuity which matures later this year. I know any income she takes needs to be declared as regards tax credits but if she chooses to take the 25% tax free pension commencement lump sum does that also need to be declared ? I am thinking maybe not as it would not for example be on her P60. I have tried looking for the answer on the Government web site but cannot find the answer.
Thanks
My wife has a small annuity which matures later this year. I know any income she takes needs to be declared as regards tax credits but if she chooses to take the 25% tax free pension commencement lump sum does that also need to be declared ? I am thinking maybe not as it would not for example be on her P60. I have tried looking for the answer on the Government web site but cannot find the answer.
Thanks
0
Comments
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Ah right I have found the answer.
http://revenuebenefits.org.uk/tax-credits/guidance/how-do-tax-credits-work/what-is-income/pension-income/
Seems it doesn' t need to be counted. Sorry guys but maybe it will help someone else with the same question.1
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